planning
Starting a small business can be confusing, in terms of deciding what "type" of business yours will legally be defined as. There are five main types of business organizational structures: sole proprietorship, general partnership, limited partnership, corporation and limited liability company (or LLC). Each is set up and operated differently, and each is looked at differently in terms of taxes and legal protection. Knowing which one is right for you and your business is crucial, and can save you from future legal and tax headaches.
The five main types of business structures
Sole Proprietorship - This type of business is... Read more
Tags: business plan, business structure, Carrie Hinkel, planning, Starting a Business, startups
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Published March 4th, 2008
A critical supplier has just let you know that they are going out of business. What do you do now? The action you can take will depend on how they are planning to go out of business and the type of company structure their business is, such as a sole proprietorship or a corporation.
There are two very critical steps you need to take right away. First, get a hold of your alternate supplier for the product and let them know you are going to be moving some more business their way. Don’t be desperate, just talk about if they... Read more
Tags: advice, larry Slusser, planning, Product Sourcing, source, suppliers, tips
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Published February 1st, 2008
The difference between a good and bad business plan could mean getting a loan and not getting a loan, or a successful expansion and an early closing. A business plan is a powerful tool and the opportunity to create one that is detailed and guiding shouldn’t be wasted.
But what makes a business plan good? Well, it’s not measured by the number of pages or creative graphics used. A good business plan is informative, factual and detailed - able to accurately forecast sales, growth, and expenses. A good business plan should leave readers - whether a banker, venture capitalist, private... Read more
Tags: business plan, Carrie Hinkel, planning, Starting a Business, startups, strategy, writing a business plan
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Published January 29th, 2008
Whether your business is a start-up or a quickly-expanding enterprise, creating a business plan is a great way to see exactly where your business is, where you’d like it to go or how you can get it off the ground. Whether the purpose is to obtain funding, organize growth patterns or to test the feasibility of a venture, a business plan is the best way to put your ideas down on paper with the factual numbers to back them up. However, there is no one-size-fits-all business plan. Different purposes require different information and formats - and therefore a different type... Read more
Tags: advice, business plan, Carrie Hinkel, external business plan, internal business plan, planning, Starting a Business, startups, strategy, tips
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Published January 16th, 2008
Creating a business plan is absolutely essential for any entrepreneur who is thinking of starting a new business. The best thing about a business plan is that it forces you to create a detailed analysis of your business. In doing so, you might find out that you need a bigger start-up loan than originally anticipated, or that your proposed retail price gives you too small of a profit margin, etc.
A business plan can also help convince banks, businesses or individuals to invest in your idea or to give you a loan. So, it’s important that your business plan is... Read more
Tags: advice, business plan, Carrie Hinkel, planning, Starting a Business, startups, strategy, tips
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Published January 7th, 2008
Even if your business has had a successful year in 2007, with sales and orders through the roof and happy customers all round, now is the time to start planning for the year ahead. After all, if you look at the most successful business, they always start planning for the financial year ahead long before the current one has even finished.
Not only will this allow you to go over the previous year and see where you can improve, it will let you plan ahead, for seasonal blips or similar. By setting your financial plan into motion now, you’ll be... Read more
Tags: Accounting, advice, danny brown, Finance, Finance and Accounting, money, planning, strategy
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Published December 19th, 2007
If you work for a corporation or own your own business, this article informs you why you need a business continuity plan (BCP) to protect the financial interests of your company.
According to Ken Doughty, editor of "Business Continuity Planning: Protecting Your Organization’s Life":
"Studies of organizations in the United States that have experienced a disaster have shown that over 40 percent of the organizations struck by a serious disaster never resume operations."
This statistic gives you a staggering dose of reality. Your small or medium business needs a business continuity plan to survive. You may not have thought about... Read more
Tags: business continuity plan, management, planning, preparation, protect financial interests, Rebecca Button, small business, strategy
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Published November 29th, 2007
One very important concept when it comes to determining your business model is deciding what the lifetime value of your customers is going to be. The concept of the customer lifetime value has long been a part of the business world, and it will come into play in virtually every segment of your business - from year to year budget projections to promotions and even customer support options.
Here’s an article that will help you when creating your business plan.
Determining Your Customers’ Lifetime Value
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Tags: advice, business plan, planning, small business, Starting a Business, startups, strategy, tips
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